Oro Verde will commence trade after a successful transition to a gold and copper focused explorer in Chile. The company has some highly prospective bulk tonnage projects including Chuminga with an exploration target of 50 MT to 60 MT at 1% copper, 0.35 gram per tonne gold and 0.75% zinc.
Oro Verde will commence trade after a successful transition to a gold and copper focused explorer in Chile. The company has some highly prospective bulk tonnage projects, including Chuminga with an exploration target of 50 MT to 60 MT at 1% copper, 0.35 gram per tonne gold and 0.75% zinc.
In late November the company was granted a voluntary suspension by the ASX, pending the outcome of a resolution at the company's general meeting to approve a change of activities.
Oro Verde recently raised around AUD 2.4 million to assist in the development of its Chilean projects including Chuminga which has an exploration target of 50 million tonnes to 60 million tonnes of between 1% and 1.1% copper, 0.3 to 0.4 grams per tonne gold and 0.5 to 1% zinc, suitable for bulk mining.
The potential of Chuminga was first identified by Rio Tinto Zinc Mining and Exploration and AUR Resources with the project well positioned in the coastal area of northern Chile, 60 kilometres north of the regional mining town of Taltal and 115 kilometres south of the port of Antofagasta.
The region has excellent infrastructure and most importantly hosts several world class copper mines such as Mantos Blancos, Chuquicamata and BHP Billiton’s Escondida.
In December Oro Verde began drilling on the highly prospective and advanced project which previously assayed 190 meters at 1.07% copper and 0.20 grams per tonne gold from trenching. Importantly, the copper and gold results are similar to historical results and thereby confirm the bulk tonnage potential of the breccia mineralization.
Oro Verde has settled the acquisition of a 20% interest in the Chuminga project and 100% interest in the Vega Project has been finalized.
Vega is strategically located in Chile's prolific El Indio Gold Belt. An independent report has found that the Vega Gold Silver Project could consist of a high grade epithermal gold-silver mineralized body similar to the bonanza type ore body mined at the El Indio mining centre, 20 kilometers south of Vega.
At the Chuminga project, Oro Verde has completed the access road to the drilling site and has constructed drilling pads to enable drilling to begin shortly. Utilizing a drilling rig provided by the Errazuriz Hochschild Mining Group, the company will undertake a first phase 10-hole/1,950 meter diamond drilling program at the project.
Meanwhile, drilling at the Vega Gold Project is scheduled to begin early this month where an 8-hole/2,350 meter drilling program will test identified CSMAT geophysical drill targets in part coincident with anomalous lithogeochemistry, alteration and structure.
(Sourced from www.proactiveinvestors.com.au)
